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Applied Rating Index Year-End and Q4 2021 Released

February 09, 2022

National Personal Auto premium rates decreased while Personal Property rates increased in all provinces year over year

Mississauga, ON – February 9, 2022 – Applied Systems® today announced the fourth quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. Nationally, in Q4 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to Q3 2021.

For Personal Auto, Ontario saw a year-over-year premium rate change decrease of -4.1% while Quebec, Alberta and the Atlantic provinces experienced year-over-year premium rate change increases of 5.5%, 4.1% and 1.5% respectively. For Personal Property lines, all provinces experienced an increase in average premium year over year except for Quebec, which saw a moderate decrease of -0.1% year over year.

Key findings for Q4 2021 include:

  • Personal Auto: In Q4 2021, Personal Auto premium average decreased -1.3% versus Q4 2020. Personal Auto premium average increased 1.3% versus Q3 2021.
  • Personal Property: In Q4 2021, Personal Property premium average increased 4.4% versus Q4 2020. Personal Property premium average increased 2.3% versus Q3 2021.
  • Provinces: Across Personal Auto, Alberta, Ontario, Quebec and the Atlantic Provinces, all saw increases from last quarter with 1.2%, 0.4%, 6.1% and 3.0% respectively. Across Personal Property, Alberta, British Columbia, Ontario, Quebec, Saskatchewan and Manitoba, and the Atlantic provinces, all saw increases from last quarter of 2.1%, 3.8%, 1.7%, 3.8%, 3.8% and 3.2% respectively.


“While average premiums for Personal Auto decreased year over year, premiums are up slightly compared to last quarter. Similarly, we are seeing a continuing increase in Personal Property average premiums year over year and quarter over quarter,” said Steve Whitelaw, vice president and general manager, Applied Systems. “As we move into 2022, we will continue to watch the average premiums in the context of macroeconomic trends, the pandemic and regulatory reform.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing more than 1.3 billion quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. Representing more than 80% of the brokerage market and 675 insurer rating plans written by brokers, the Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

Access the complete quarterly report here.

 

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Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

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